Class of 2010 Survey: How to Recruit, Retain & Inspire

I Love Rewards, the leader in online employee rewards and recognition, partnered with Studentawards Inc., youth marketing and  market research firm, to understand future employees coming out of the “Class of 2010.”

As Millennials leave the classroom and enter the workplace, do you know what it takes to attract and retain the top young talent of the future? A new survey conducted by I Love Rewards and Studentawards, a youth marketing and market research firm, reveals what graduating students are really looking for in an employer and how they perceive the workplace.

Class of 2010 Survey Facts:

1 According to survey,WHEN ASKED HOW LONG MILLENNIALS EXPECT TO STAY WITH THEIR EMPLOYER, THE AVERAGE RESPONSE WAS 8.9 YEARS. This is perhaps one of the most surprising results of the survey and demonstrates the desire Millennials have to grow their career with their next employer. Career development was a prominent theme in the survey results. It ranked third as the most important factor Millennials consider when making a decision on where to work, behind salary and interesting, challenging work.

2 To recruit top young talent, HR needs to think like a marketer. 48.9% OF RESPONDENTS SAID THEY WILL APPLY DIRECTLY TO A COMPANY they are interested in without seeing an advertised position. 43% will go to on-campus career services. These results illustrate the importance of online and on-campus employer branding.

3 Millennials speak out against traditional years of service programs! When asked what type of rewards would be most meaningful to them, the traditional gold watches and grandfather clocks ranked last. 17% ranked years of service awards as one of their top three choices, compared to 84% OF RESPONDENTS WHO RANKED TRAVEL REWARDS and 67% of respondents who ranked experiential rewards in their top three.

4 How does the Class of 2010 want to be recognized? According to the survey, 67% of Millennials want to be RECOGNIZED BY THEIR MANAGER OR SUPERVISOR for the quality of their work and 65% want to be recognized for individual accomplishments.

5 The CLASS OF 2010 IS OPTIMISTIC ABOUT THEIR JOB PROSPECTS UPON GRADUATION. 45% of respondents said they are “somewhat optimistic” and 34.5% said they are “very optimistic”. When asked to comment, one respondent said, “I know the field that I am going to be graduating from is in high demand even in these economic times.”

6 How much does the Class of 2010 expect to make upon graduation? THE MAJORITY OF RESPONDENTS EXPECT TO MAKE BETWEEN $25,000 – $49,999 for the first position they secure after graduation – quite realistic for the generation who has been labeled as entitled and unwilling to start at the bottom of the corporate ladder. Another myth debunked!

Survey Methodology The Class of 2010 study was conducted in February 2010 through an online survey amongst a sample of 1033 students across English Canada. The sample included a balance of college and university students with a majority focus on those who would be graduating in the next 1-2 years. The source of the sample was randomly drawn after targeting for age, gender, and region from the Studentawards’ database of 600,000+ members.

For more information and results on the Class of 2010 survey contact Sarah-Beth Anders, I Love Rewards at 416-531-1531 or Suzanne Tyson, Studentawards at 416-.322.3210 ext 227.